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Europe open: Stocks reverse opening losses after encouraging German Ifo
LONDON (ShareCast) - (ShareCast News) - European stocks reversed early losses to trade higher following an upbeat reading on German business confidence. At 0915 BST, the benchmark Stoxx Europe 600 index was up 0.1%, France's CAC 40 was 0.2% higher and Germany's DAX was up 0.5%.
German business confidence unexpectedly improved in September, hitting its highest level in four months, according to a report released by the German research institute Ifo.
The business climate index rose to a seasonally-adjusted 108.5 from 108.4 in August, ahead of expectations for a reading of 108.
The business expectations index increased to 103.3 from 102.2 and better than estimates of 101.5.
The current assessment index, however, fell to 114 in September from 114.8 in August, missing expectations for a reading of 114.7.
On the corporate front, shares in Volkswagen (Other OTC: VLKAF - news) were up for a second day in a row, gaining nearly 5% after the company's chief executive Michael Winterkorn announced his resignation on Wednesday. A successor is expected to be chosen at a meeting on Friday.
Hennes & Mauritz slipped into the red after the Swedish clothing retailer said its third-quarter profit was hit by dollar strength.
Monte dei Paschi (Milan: BMPS.MI - news) di Siena was firmly on the front foot after it settled with Nomura over a derivative trade called "Alexandria" that hit the bank's profits.
In London, shares in tour operator Thomas Cook (Xetra: A0MR3W - news) rose sharply after saying 2015 summer holidays were 91% sold, in line with expectations and at the same level as 2014.
Clothing retailer Next (Other OTC: NXGPF - news) was a top performer after Nomura upgraded the stock to 'buy' from 'neutral'.
Still to come on the macro calendar, US durable goods orders and initial jobless claims are at 1330 BST, while new home sales are at 1500 BST. Investors will also eye a speech by Federal Reserve Chairwoman Janet Yellen at 2200 BST.
"With it still being very much unclear if and when the Fed will finally pull the trigger and hike rates any major economic data releases are likely to be closely watched for the time being," said Markus Huber, senior analyst at Peregrine & Black .
"Concerning Yellen's speech tonight it is expected that she will pretty much talk along the same lines as during the FOMC press conference showing no immediate urge to raise rates but ready to do so when needed. Of particular interest will be the Q&A following afterwards which might shed a bit more light on if a rate hike for October is really an option or if December or even 2016 are much more likely."
